tv Markets Now FOX Business January 16, 2013 11:00am-1:00pm EST
think a patient is likely to harm themselves or others. >> lack of access to mental health. >> and the legislature do this? >> we do not get turned into people that are absolutely afraid of what the government can do to us. >> we are going down a slippery slope that can be very dangerous. >> we are going to miss an opportunity of the source of this anger and violence. stuart: baby i went overboard. i have been saying all morning i think that is the most important shift. what do you think? >> i think that is true. >> even when the police chief was colin ferguson, i have to be honest, a guy like that, they taken off the street and then they put him right back out.
stuart: he would not be allowed to buy a gun. >> most of these guys are not allowed to buy a gun anyway. thank you very much. stuart: dagen and final, it is yours. connell: the new plan for gun control. we will take you there live. dagen: jamie dimon, his take is cut in half. the man still made millions last year. connell: japan's two largest airlines ground the dream liner after yet another incident. dagen: stocks now and every 15 minutes. nicole petallides on the floor of the new york stock exchange. nicole: let's take a look at jpmorgan stock. stock itself is really not doing too much this morning. jamie dimon saved the day throughout the years. he certainly has been under the gun and under the microsoft after the london whale situation. there is a baseball card of him.
his annual bonus was cut in half. we talked about what the numbers were. the revenue came virtually and mine. mortgage lending profit did help the bank with their quarterly numbers. they are saying that the strong results were a reason to give jamie dimon a bonus in the first place. certainly, the london whale, is something that hangs over jpmorgan. dagen: president obama expected to announce his plan for greater gun control in this country in less than an hour. that proposal will include a ban on assault weapons, high-capacity magazine clips and background checks on every gun owner. terry, ray to see you. we should point out, there will be more than a dozen executive
actions, as well, that the president will take. in terms of what congress will have to tackle in this proposal, how much do you think of it will fly? >> first i want to say this, i cannot help it, i see this spectacle in washington today. the use of these victims, you know, this is not the beginning of a subsidence conversation about how to get at the gun problem in this country. it is a political move by this president to talk on our emotional strings. it is unfortunate. the american people are divided on the gun issue. they expect washington to have a serious conversation. unfortunately, this spectacle today, is not a good start. dagen: you know what, you can criticize either side. the current president did not invent political spectacle in
this country. >> that is right, but he has perfected it. so close to this tragic day a month ago and for the purpose of getting a political advantage on his opponent down here in washington, i just do not think it is appropriate when there is a legitimate conversation for people to have down here. dagen: despite the events and the surroundings today, he is going to lay out what he wants congress to do. how much of that will fly? >> i just do not think the fundamentals of the arguments have changed very much. as long as this government is not willing to enforce the gun laws that are on the books, you will have conservatives, republicans and gun owning advocates say more could you do if you are not willing to enforce the laws that you have on the books. on the other hand, and i'm out of america and the gun violence as a problem in our society.
dagen: 60% are in favor of 600 stricter gun control in this country. >> in recent polling, people still expect this congress and this president to deal with our very serious economic issues. the gun issue is a social problem in this country, but the american people are still very divided on what the federal government can or should do. dagen: would you then put it on the back burner? you would not deal with this you act when the timing makes sense. >> i recognize that. i think what needs to happen is the people need to figure out what part of the law can we make better and stronger. things that we have already agreed to. should we fund a more robust effort to enforce the laws that are on the books.
what are the issues that people can agree to. fundamentally, this gun issue, the second amendment, is a sharply dividing issue with the american people. it is going to take more than campaign tactics to change the dynamic. dagen: to add that the an array has put out that talks about the president's daughters and how they get the grid service protection, do you think that helps? >> i am not sure that it does. ultimately the problem that we have here is not at the elite schools that the obama girls attend. the problem is a lower, middle class, urban neighborhoods where everyone feel so insecure and unsafe that they feel like they have to have a gun, whether it is a legal gun or not.
we have a lot of gun laws on the books that we are not willing to fund the enforcement. of course, there are all of the separate issues about the kind of guns that should be allowed under the second amendment. it is more important that we have a conversation. dagen: there will be something in this proposal likely for everyone to hate or everyone to like. maybe greater funding for police officers in schools. there will be a lot in there. terry, thank you for that. >> thank you. connell: to the markets now. jpmorgan and goldman sachs. both of them making more money. while earnings growth be enough to make you some more money in the market. we bring in now liz ann sonders. what you make of earnings season, which we are in the middle of here?
we are looking at a descending pace of earnings growth which is not a big surprise. i think the estimates for 2013 are probably still a little bit higher. the good news from a market perspective and the reason why there is so much resilience is that valuation on those earnings is about two to three multiple points below the long-term norm. connell: we are looking at the dow as you speak. you kind of like the market it sounds like. as usual, there is always this fact up in washington that is behind us that says, what if these guys mess it up again. the debt ceiling fight they seem to be bigger than the ones we have had recently. >> it is not so much if they mess it up, it is how badly will they mess it up. we know that it is coming. we went into that, first of all,
with other things happening that are not happening now. europe was much more of a mess and much more and write mode. we are just starting to get a sense of this function in washington. we are now unfortunately, immune to it. something we had not experienced, we know in hindsight, that did not happen. i think we learned some lessons. do you have a prediction at what may happen this time around. it was a big surprise that everyone said interest rates would skyrocket. and that, money, as a safe haven came in here to the united states. is there any guarantee that that will happen again? >> there is not a guarantee. the other thing that happened was not that foreign money was willing to buy treasuries, one of the concerned was if you lost a aaa rating, many big foundations, endowments tower
and dated to only hold aaa securities would sell. all you have to do in many cases is amend the policy statement. i think that the likelihood of coming to wish for what we thought would happen and august of 2011 is rather limited. i do think a pickup in volatility is possible. connell: thanks a lot. dagen: the dirty pile of laundry and the smell test. we have an update on boeing. united airlines coming out and saying that it has infected all of the dreamliners. they are flying as scheduled. this on the heels of a flight
that was forced to make an emergency landing today in japan the flight crew on that plane said they received a warning about battery problems while a burning smell was picked up in the cockpit and in the cabin. passengers of that plane, you are looking at video of it now. they had to evacuate. the national transportation safety board in this country is sending an investigator to japan to assist in looking into this matter. you can see how this is playing out and boeing stock. down more than 3% right now. connell: we will have more on that coming up. we will also have more of these bank earnings. charles payne is coming on to talk about goldman sachs. dagen: gas prices, which way do they go? only tom kloza really knows.
♪ connell: we are making money. it is time for some charles payne right now. dagen: let's talk some goldman sachs. charles: impressive. oh, my goodness. [ laughter ] connell: goodness gracious. charles: when you beat the street by $1.96 -- listen, we have seen it be beat by a penny and they are sweating. the question is, by the way, the stock is hovering around a new 52 week high.
you wonder where some of it may come in the future. this debt underwriting was a huge thing. we are having a rotational where that becomes a lot less favorable. cannot keep up. overall, you know, it is hard not to like this earnings report dagen: basically, they issued debt. they have probably already done it at this point. high-yield, in particular, looking very bubbly. charles: the compensation ratio is huge news. down from 42%. that is big. that is obviously economic, but it is also political. connell: poor jamie dimon over
at jpmorgan. thank you, charles. dagen: it is offset by his good books. [ laughter ] connell: let's go now. it is a quarter past the hour. nicole petallides is on the new york stock exchange. nicole: gaining over 16.5%. it has had quite a run in the past few days. today pulling back a little bit. the whole story behind dell was that private equity could be stepping in and doing a buyout offer of some point. other investors, pension funds, we will see what happens. michael dell went on record a few years ago may be looking for a buy. blackberry can -- while he
pulled back yesterday, today looking good. here is research in motion up. connell: gas prices are still on the low end from last year. dagen: tom kloza will look into the future. connell: live on the shores of lake michigan. causing problems for shippers. you could be paying higher prices. before we get to that, let's take a look at the currencies around the world. ♪
>> good morning, it is now 21 minutes past the hour. ken salazar is the latest cabinet member to leave the obama administration. he has served throughout the president's term. he for renewable energy. salazar will leave in march and returned to his home state of colorado. $51 billion hurricane sandy's
disaster relief act is now moving on to the senate. forty-nine republicans voted yes for that bill, 179 republicans voted against that bill. over to london now where police say two people are dead after a helicopter crashed during the morning rush hour. the helicopter hit a construction crane and then crashed on the street. two people on the ground were treated for minor injuries. those are your headlines. back now to dagen. dagen: thank you. a price of regular gasoline sitting at $3.29. down nearly $0.10 from a year ago. tom kloza is here. he is joining us on the phone.
talk to me about demand and how low prices could go because of that. >> demand is about as low as it has been since january of 2000. we just got a couple of demand reports that were subpar. now we have this fear or panic about the flu. we have people getting their paychecks that are a little bit lighter. discretion of driving is really going to tank here in the coming weeks. i do not think you can look at the man to be the catalyst in the market for january. it is a little bit treacherous right now. dagen: how low can national prices go? >> i think they may go another five or $0.10 lower. if it were not for the east coast, we would be talking much more about how cheap prices are. you go out to laramie, wyoming and you can buy gas for $3.30. the east coast is the only coast that is above last year.
a lot of it is tied to superstorm sandy. we are also importing less gasoline than we have at any time since september of 2000. dagen: and part because of the increasing supply. talk to me about our domestic supplies at this point. >> we just had another new 20 year high that was issued by the government today. we are producing about 7,040,000 barrels of crude oil. a lot of canadian oil coming out. canadian oil is in the 50s. on a relative basis, it is a really good story for the united states and north america. even goldman sachs, who is bullish, you know, like no one i have ever known, even they have suggested that oil prices have
peaked. that is like a man bites there. dagen: tom, although, what are the catalyst that you are worried about that would cause a major rally in crude prices right now. the world seems calm in terms of prices. that is really when you should start worrying. >> i am a little worried today. algeria, we have a problem with a hostage situation. in and of itself, that does not mean much, but you can recall a couple of years ago, this is where it started in middle east and north african countries. those are the things you worry about. i do not worry about anything on the u.s. demand-side.
i worry about international supply. dagen: tom, it was great to talk to you, as always. who are you pulling for in the super bowl? >> anybody but the patriots. that is my motto. dagen: okay. [ laughter ] dagen: not cool, you know why, because they beat the texans. we like that. you hate on the cowboys first and then, you know, texans. connell: i am so caught up in this whole man biting at one of story. drawing great concern from shippers and commerce so i translate to higher prices. we have more on this coming up in just a minute. dagen: apples new idea to boost phones in china, installment plans. here are some winners on today's s&p. stay with us. ♪
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the big picture is the stock is not doing very well. it is down nearly 6%. promotions and marketing also factoring in. sales and traffic seemed to be moving a certain extent. down about 16%. one thing i was reading about triple date that i thought was interesting, they are trying to move into catering. this will be good for their lunch business. also, super bowl sunday. connell: we have fiscal class and that feelings. there is a pretty big turnaround for many state budgets.
>> thank you for having me. connell: how are things going in texas with the budget? >> good. we have a surplus which we will show at the end of this summer. we expect to have a rainy day fund. of all the jobs that we have lost, we will capture all of them plus another. connell: the funny thing about states that people sometimes forget is you have to balance your budget. you have requirements to do so. it looks like according to these numbers, there is a $9 billion gap projected. how does that reconcile with what you just told me. yesterday, the house appropriations bill came out. there is no shortfall. there is no cap.
i attribute that to sound, public policy. found financing. they are doing a great job. they did not raise taxes. in addition, we have a very business friendly atmosphere. if you come to texas, we will not pull the rug out from under your feet. connell: businesses, sometimes individuals, sometimes larger businesses are leaving state than going to others mostly because of taxes. how much of that juicy and texas in texas and what industries is a really predominate. >> we do not have an income tax. that is a powerful magnet. they do not expect us to go ahead and spend beyond our means. they, in because of the business atmosphere and because we like visitors. a friendly place. the idea of getting to the
numbers that you talked about during the first part of the interview and getting through the projections that this particular group put out that this $9 billion gap, specifically, how do you get there sure mark where did the cuts come from? >> i do not know where that number came. there will be a supplemental appropriations bill which we filed in a few weeks. they will fill some of the medicaid that we do not have. it is available in the surplus and it is available in the rainy day fund. all of that will be taking care of. connell: sobering stories about california's problems. there are lessons. is it just not an apples to apples comparison? >> i think the lesson is, we lost our shirt in the 80s and we went ahead and diversified our economy. we decided we would be business
friendly. we also did not have subprime mortgage. we did not have housing fall. foreclosures never really got serious. we kept people in their homes and kept them working. connell: we hope you enjoy the rest of your stay. dagen: we are glad the texans lost. [ laughter ] we are from the northeast. i am just kidding. thank you so much. near record low water levels in lake michigan causing cargo ships and barges to liken their loads. connell: let's go to steve now on how it can impact your wallet. >> because we have had such low water levels, it will impact your wallet. it has been dry in the region. we have had light rains in the summertime in that has produced lower water levels in all of the great lakes.
if you are wondering just how low it is, we have a graphic to show you. between 87 and 97, the water drop a foot. between 94 another foot lower. it is at historic low water levels in lake michigan. cargo companies will have to carry less. >> you cannot strike bottom. you have to maintain a safe distance. when the water levels go down, we have to reduce our load. >> the catch is that when you are shipping the very biggest loads by boat is the cheapest way. you can go by train, you can go by truck, what have you. if you are going to try to get there, you need to ship by barge
or five oh. >> we have a lot of manufacturers here along the river system. you take away the barge auction, you could see ten, 20, 25% increase. that gets passed onto the consumer. there are direct impacts here. >> it is food products as well. there is a lot of difficulty with that. if you have to make more trips, it costs more money. eventually, it gets down to the consumer. connell: thank you, steve. dagen: just last week we heard apple ceo talk about how important growth in china is to his country. apple is reaching out for a new plan. connell: 15-20 minutes away from the president. his plan for gun control and new measures. on that, the judge is coming in ahead of the president's remarks. george napolitano.
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♪ >> i have your fox business brief. one of the largest contracts ever in india. a $1,000,000,000.08 year deal. networks are currently being managed by a joint sector between the two companies which will and in june. the world bank is cutting its estimates due to a slow economic recovery and developed countries. the bank also warned a lengthy political battle in the u.s. over raising the debt ceiling. a loss of confidence in the u.s. dollar. dunkin brands has set its sights on the golden coast again. they will be opening up shop in southern california in 2015. returning to the state after more than a decade. the dow is down 25 points. that is the latest from the fox business network. giving you the power to prosper.
connell: we are back here on market now. bringing back $36 million worth of gold. the bank said in a statement, it will repatriate gold stored in paris and new york. this follows some criticisms that came in over the oversight of gold. new york still has 37% of the reserves. dagen: that is pretty cool. sobering news for energy drink consumers. the number of people visiting ers or emergency rooms after drinking the beverages has doubled nationwide. that is up more than 10,000 cases from 2007-2010. it is a rising health problems that can cause insomnia, fast heart rate and seizures.
movement by the government potentially to regulate the sale of these drinks. like fda. we shall see. if you drink too many of them, of anything, it can be bad. even, orange juice. connell: this brought to you by the heaviest energy drink i have ever met in my life. dagen: that is not true. nicole: i love how she tells you that is not true. i do not know how much starbucks i drink. let's move on. take a look at some of the movers here on wall street. we focused on chipolte and their terrible numbers today. we left out when these. they came in with quarterly numbers that were looking good. boeing, yet another day with issues. brake issues. fuel leak. the dream liner had to be
grounded. down again for boeing. down three and a quarter percent. it had been up 10% in after-hours. soaring after he came out with the quarterly report. goldman sachs on their quarterly report. constellation brands, think alcohol and more, what we are looking here at constellation is up 5%. hitting a high again. they saw what the department of justice may be doing in order to have those go along may help the constellation brand. back to you. dagen: thank you. by the way, i am the biggest energy drink consumer because other then yourself and your two kids, you do not have any friends. connell: josh could use a little bit of an energy drink or two.
china first. dagen: shibani joshi has more. shibani: i do not have to tell you investors and wall street becoming are skeptical about apple. today is and optimistic day. this is despite a downgrade out of specific crest. they are expecting a lot of sideways trading on apple shares in the next 12 months. specifically "we believe that the height and of the tablet and smart phone markets are quickly becoming saturated." cheaper ipad mini and iphones, that we have been thinking are rumored, could end up cannibalizing sales. the cheaper iphone, many believe it is coming. it is geared specifically towards one nation and that is china. tim cook, ceo of apple saying
that. i will send it right back to you. apple shares doing well despite this downgrade on apple. connell: we are going to get the president here in a couple of minutes. ahead of that, we will talk about it a little bit. dagen: we will talk about it with judge andrew napolitano. just your take on this. >> we do not know exactly what he will do on his own. he can make whatever proposal he wants on the congress. the backstop on the congress is that it cannot infringe on the right of law-abiding people. they cannot take weapons away from people who obey the law. connell: let me just interrupt you for a brief second to tell you what you are looking at. that is the backdrop to the event. there are a bunch of letters. continue with your thoughts, sir. >> the same thing goes for the
president's executive orders. when harry truman became president, he was scandalized to learn. the military was segregated by race. he signed an order directed by the military to integrate fully the military. the president has the authority to do that. he could change to once every month. bigger key people preoccupied with the government. connell: at the white house, vice president biden and the president. >> before i begin today, let me say to the families of the innocents that were murdered 33 days ago. our heart goes out to you. you show incredible courage. incredible courage being here
and the president and i will do everything in our power to honor the memory of your children and your wives with the work we take appear today. it has been 33 days and the nation's heart was broken by the horrific, senseless violence that took like at sandy hook elementary school. twenty beautiful first-graders gone down in a place that is supposed to be there second sanctuary. six, six members of the staff killed trying to save those children. it has literally been hard for the nation to fathom. i know for the families who are here, time is not measured in days. another minute without your daughter, another minute without your son, another minute without
your wife, another minute without your mom. i want to personally thank chris and lynn mcdonald who lost a beautiful daughter, grace. in the other parent who i had a chance to speak to. for their suggestions and, again, just for the courage of all of you to be here today. i admire, i admire the grace and the resolve that you all are showing. i must say, i have been deeply affected by your faith as well. the president and i will do everything we can to match the resolve that you have demonstrated. no one can know for certain that this senseless act could have been prevented. we all know we have a moral obligation to everything in our power to diminish the prospect that something like this could happen again. as the president knows, i have worked in this field a long time
in the united states senate having chaired a committee that had jurisdiction over these issues of guns and crime. having drafted the first nonviolent legislation. i have no illusions about what we are up against or how hard the task is in front of us. i also have never seen the nation conscious so shaken by what happened to sandy hook. the world has changed. it is demanding action. in this context, the president asked me to put together along with cabinet members a set of recommendations about how we should proceed to meet that moral obligation. the cabinet members and i sat down with 229 groups. they are from law enforcement agencies to public officials to
god i miss -- gun advocacy groups. the recommendations we provide to the president on monday. he could sign legislation. he could call in for long-term research. ways to keep guns out of the wrong hands, as well as, ways to take action to prevent violence in the first place. we should do as much as we can as quickly as we can and we cannot let the enemy be good. some of what you will hear from the president will happen immediately. some will take some time. we are starting here today. we will resolve to continue this
fight. during the meetings that we help, we met with a young man who is here today. i think collin is here. he called us one of the lucky seven. he was he will tell you he was shot four times that day and has three bullets still inside him. when i asked him about what he thought we should be doing, he said i am not here because of what happened to me, i am here because of what happened to me keeps happening to other people and we have to do something about it. we will. i promise you, we will. this is our intention. we must do what we can now and there is no person who is more committed to acting on this
moral obligation we have then the president of the united states of america. ladies and gentlemen, president barack obama. [applause] >> thank you. thank you. thank you so much. thank you, everybody. please have a seat. good afternoon, everybody. let me begin by thanking vice president joe biden for your dedication to this issue, for bringing so many different voices to the table because while reducing gun violence is a complicated challenge, protecting our children from harm shouldn't be a divisive one. over the month since the tragedy in newtown, we have heard from so many and obviously none have affected us more than the families of those gorgeous
children and their teachers and guardians who were lost and so we are grateful to all of you for taking time to be here and recognizing that we honor their memories in part by doing everything we can to prevent this from happening again. we also heard from some unexpected people, in particular i started getting a lot of letters from kids. four of them are here today. brand fritz, juliet stokes, and teja goode. these are some pretty smart letters from some pretty smart young people. a third grader -- you can wait, that is you. she road i feel terrible for the parents who lost their children.
i love my country and i want everybody to be happy and safe. and grant said i think there should be some changes. we should learn from what happened at sandy hook. i feel really bad. and julia said -- where are you? i am not scared for my safety. i am scared for others. i have four brothers and sisters and i know i would not be able to bear the cost of losing any of them. these are our kids. this is what they are thinking about. what we should be thinking about is our responsibility to care for them and shield them from harm and give them the tools they need to grow up and do
everything they are capable of doing not just to pursue their own dreams but to help build this country. this is our first task as a society, keeping our children safe. this is how we will be judged and their voices should compel us to change. that is why last month i asked joe to lead an effort with members of my cabinet to come up with some concrete steps we can take right now to keep our children safe, to help prevent mass shootings, to reduce the broader epidemic of gun violence in this country and we can't put this off any longer. just last thursday as tv networks were covering one of joe's meetings, on this topic, news broke of another school shooting, this one in
california. in the month since 20 precious children and six adults were taken from us at sandy hook elementary, more than 900 of our fellow americans have reportedly died at the end of the gun. 900. in the past month. and every day we wait, that number will keep growing. so i am putting forward a specific set of proposals based on the work of joe's task force. in the days ahead i intend to use whatever weight this office holds to make a reality. because while there is no law or set of laws that can prevent every senseless act of violence completely, no piece of legislation that will prevent every tragedy, every act of
evil, if there's even one thing we can do to reduce this violence, if there is even one life that can be saved then we have an obligation to try it. i am going to do my part. as soon as i am finished speaking here i will sit at that desk and signed a directive giving law enforcement, schools, mental health professionals and the public health community some of the tools they need to help reduce gun violence. we will make it easier to keep guns out of the hands of criminals by strengthening the background check system. we will help schools hire more resource officers if they want them and develop emergency preparedness plans. we will make sure mental health professionals know their options for reporting threats of violence even as we acknowledge someone with a mental illness is far more likely to be a victim
of violent crime than the perpetrator. and while year after year those who oppose even modest gun safety measures have threatened to defund scientific or medical research into the causes of gun violence i will direct the centers for disease control to go ahead and study the best ways to reduce it. congress should fund research into the effects of violent video games on young minds. we don't benefit from ignorance. we don't benefit from not knowing the science of this epidemic of violence. these are a few of the 23 executive actions that i am announcing today but as import-these steps are, they are in no way a substitute for action from members of congress. to make a real and lasting
difference congress too must act and congress must act soon. i am calling on congress to pass some very specific proposals right away. first, it is time for congress to require universal background check for anyone trying to buy a gun. [applause] ville law already requires licensed gun dealers to run background checks and over the last 14 years that has cut 1.5 million of the wrong people from getting their hands on a gun. it is hard to enforce that law when as many as 40% of all gun purchases are conducted without a background check. that is not safe, it is not smart, it is not fair to responsible gun buyers or sellers. if you want to buy a gun whether from a licensed dealer or private seller you should at
least have to show you are not a felon or someone we believe prohibited from buying one. this is common sense and an overwhelming majority of americans agree with us on the need for universal background checks including more than 70% of the national rifle association's members according to one survey. there is no reason we can't do this. second congress should restore a ban on military style assault weapons and a 10 round limit for magazines. [applause] the type of assault rifle used in aurora compared with high-capacity magazines has one purpose, to pump out as many bullets as possible as quickly as possible, to do as much damage using bullets often designed to inflict maximum
damage. that is what allowed the gunman in aurora to shoot 70 people. seventy people, killing 12 in a matter of minutes. weapons designed for the theater of war have no place in a movie theater. a majority of americans agree with us on this. by the way so did ronald reagan, one of the staunchest defenders of the second amendment who wrote to congress in 1994 urging them, this is ronald reagan speaking, urging them to listen to the american public and to the law enforcement community and support a ban on the further manufactory of military-style assault weapons. [applause] finally congress needs to help rather than hinder law enforcement as it does its job. we should get tougher on people who buy guns with the express purpose of turning around and
selling them to criminals. we should severely punish anybody who helps them do this. since congress has confirmed a director of the bureau of alcohol, tobacco and firearms in six years they should confirm todd jones, who has been acting and i will be nominating for the post. [applause] and at a time when budget cuts are forcing many communities to reduce their police force we should put more cops back on the job, back on our streets. let me be absolutely clear. like most americans i believe the second amendment guarantees an individual right to bear arms. i respect our strong tradition of gun ownership and the rights
of hunters and sportsmen. there are millions of irresponsible law-abiding gun owners in america who chairs the right to bear arms for hunting, sport, protection or collection. i also believe most gun owners agree that we can respect the second amendment while keeping an irresponsible lawbreaking few from inflicting harm on a massive scale. i believe most of them agreeing that if america worked harder to keep guns out of the hands of dangerous people there would be fewer atrocities like the one that occurred in newtown. that is what these reforms are designed to do. they are common-sense measures. they have the support of the majority of the american people. and yet that doesn't mean any of this is going to be easy to enact or implement. if it were we would already have universal background checks. the ban on assault magazines never would have been allowed to
expire. more of our fellow americans might still be alive celebrating birthdays and anniversaries and graduations. this will be difficult. there will be pundits and politicians and special-interest lobbyists publicly warning of a tyrannical all-out assault on liberty. not because that is true but because they want to generate fear or higher ratings or revenue for themselves. and behind-the-scenes they will do everything they can to block any common-sense reform and make sure nothing changes whatsoever. the only way we will be able to change is if their audience, their constituents, their membership says this time must be different. this time we must do something to protect our communities and
our kids. i will put everything i have got into this and so will go, but i tell you the only way we can change is if the american people demand it. that doesn't just mean from certain parts of the country. we will need voices in those congressional districts, strong to speak up and to say this is impprtant. it can't just be the usual suspects. we have to examine ourselves and our hearts and ask ourselves what is important. this will not happen unless the american people demand it. parents and teachers, police officers and pastors, if hunters
and sportsmen, if responsible gun owners, if americans of every background stand up and say enough's, we have separate too much pain and care too much for our children to allow us to continue change will come. that is what it is going to take. on the letter that julia wrote me, she said i know that laws have to be passed by congress but i beg you to try very hard. [laughter] julia, i will try very hard. but she is right. the most important changes we make deep and on congressional action. they need to bring these proposals up for a vote and the american people need to make sure that they do. get them on record. ask your member of congress if
they support universal background checks to keep guns out of the wrong hands, as if they support renewing a ban on military-style assault weapons and high-capacity magazines. if they say no ascham why not. ask what is more important? doingk them why not. ask what is more important? doing whatever it takes to get an a grade from the gun lobby's or what gives parents peace of mind when they drop their children not in first grade. [applause] this is the land of the free and it always will be. as americans we are endowed by our creator with certain inalienable rights that no man or government can take away from us. we have also long recognized as our founders recognized that
with rights come responsibilities. along with our freedom to live our lives as we will comes an obligation to allow others to do the same. we don't live in isolation. we live in a society. government of, by and for the people. we are responsible for each other. the right to abortion freely and faithfully was denied to sikhs in oak creek, wisconsin. the right to assemble peacefully was denied shoppers in oregon and moviegoers in aurora, colorado. that most fundamental set of rights, to life and liberty and the pursuit of happiness, fundamental rights that were denied to college students at virginia tech and high school
students at columbine, elementary school students in newtown and kid on street corners in chicago on too frequent basis to tolerate. all the families who never imagined they would lose a loved one to a blood -- bullet. those rights are at stake. we are responsible. when i visited newtown last month by spend private time with many families who lost children that day. one was the family of grace mcdonald, grace's parents are here. grace was 7 years old when she was struck down. a gorgeous, caring, a joyful little girl. i am told she loved pink, she loved the beach, she dreamed of
becoming a painter and so just before i left chris, her father, gave me one of her paintings and i hung it in my private study just outside the oval office. every time i look at that painting i think about grace and i think about life that she lived and the life that lay ahead of her and most of all i think about how when it comes to protecting the most vulnerable among us we must act now. for grace. for the 25 other innocent children and devoted to caters to have so much left to give. for the men and women in big cities and small towns who fall victim to senseless violence each and every day. for all the americans who are counting on us to keep them safe from harm. let's do the right thing. let's do the right thing for
them and for this country that we love so much. [applause] thank you. cheryl: gun control measures announced by the president and vice president, the vice president's task force the one that came together to give these recommendations that just came from the president. the president signing 23 executive actions, not quarters, actions. there's a difference between what the president is signing as he signed these documents, a few things you need to know. the children behind him wrote letters to the president after the newtown, connecticut shooting. a few things he wants -- let's bring in peter barnes to go through the list and official documents the white house provided. peter barnes will give us a sense what the president is looking to do with these executive actions. peter: executive actions, there are a few executive orders. for example the president will
be ordering a crackdown on false information on federal gun applications. he will also be ordering tougher gun trafficking rules to try to limit the traffic of existing weapons out there and he will be trying to improve the distribution of mental health records with one of these orders as well. those are three of the 23 he is taking action on right now. dennis: he was mentioning already background checks happen at gun stores and the last 14 years he said 1.5 million people have been turned down but 40% of all gun purchases still are without background checks. they will crack down on sales at gun shows which typically don't require any background check at all. to we know of any of the recent shootings happened because of guns purchased at those gun shows? peter: i do not know that. we know the newtown guns were
purchased legally but the main thing there was they reused with those high capacity clips and that is something else the president wants -- has asked congress to ban. cheryl: also want to say the atf has intended director for six years. the president nominating todd jones say in this fight is not going to be easy. peter barnes live at the white house. dennis: joining us from both sides of the aisle, republican congressman john flemming of louisiana and democratic congressman john yarmouth of kentucky. congressman fleming, yarn and ardent proponent of gun rights. what did you think of the president's announcement today? >> beyond that, i am also a physician. i served as a coroner. and i have dealt with mental health quite a bit in my career. i think these executive actions or orders sounds like beefing up law enforcement.
i have no problem with that. the devil is in the details. on the other hand what the president is calling for is again things we have done in the past, going after the guns, going after the criminals and, after assault weapons. the focus needs to be people doing the shooting. every case where we have mass murder we find a severely mentally ill mentally deranged person. we need to do a lot more in beefing up our mental health and also be more proactive in keeping people away from weapons and in this case these were legally purchased weapons he got from his mother. his mother should not have allowed him to have them. dennis: let's go to the left pro-gun democrat congressman, what did you think of the announcement? wall street journal ran a smart op-ed friday from kimberly straddle is said forget about
it, tough gun-control not going to pass this congress. what do you think? >> the president demonstrated an extraordinary amount of leadership and lay out the case extremely strongly. this is not going to happen if congress is left to its own devices. we know that. through mass input from citizens, teachers, the religious community, throughout this country we can >> reporter: the minds of some of these recalcitrant legislators like my friend john flemming. he laid out the numbers. 88% of people in national polling the other day, 85% of gun owners that we should have universal background checks, that nobody should be able to buy a gun without a background check. in connecticut the data was clear. 40% of all guns used in crimes in connecticut were purchased in virginia. largely at gun shows where there's no background check. ask mayors up and down the east coast where those guns come from
they come from places where they cannot have background checks. this was easy. dennis: what is so bad about a background check on every gun purchased? do you oppose that? >> i support what works and again, my good friend from kentucky talk about all these politically popular things to do but he doesn't support it with any data cdc has looked at this, gun controls, confiscating weapons -- [talking over each other] dennis: i apologize for interrupting but the cdc and research, republicans who are pro-gun have passed measures to block the cdc from spending money to do that research. isn't that a little odious? >> i am not aware we have blocked any research. we have to control spending in washington. that is a big problem. i wouldn't oppose -- i can tell you i support as a physician i
support plenty of study on this issue. the problem is if we really want to solve the problem instead of passing things that make us feel good politically we need to go where it is and it is with criminals and the mentally deranged and we need to be very proactive in at and have to work through the at the laws to have a robust system of reporting who are the mentally ill out there who may be a danger to society and need to be properly monitored. dennis: we appreciate your being here on this important day on this gun-control issue. cheryl: home builders, at highest level in nearly seven years. some regions of the country are faring better than others. the head of the n e h b will be joining us after the break. dennis: jpmorgan seeing solid earnings, jamie dimon coming up celebrating after the board slapped him with a 50% pay cut.
industrials down 1/4% at 13,507. we have names like boeing continuing to weigh on the dow. one issue after another, but on the other hand and name like jpmorgan which came out with numbers so we see an up arrow for jpmorgan today and the nasdaq composite up 1/4% and you can say thank you to apple and that is helping the nasdaq. and look at the transportation index, something we should be following, traders on wall street follow closely, dow jones transportation index hitting new highs and certainly been led by the airlines but i'm watching fedex and ups and norfolk southern doing well today. cheryl: we will see you very soon. home builder confidence remains at the highest level since april of 2006 according to the latest survey from the national association of home builders. joining me with the details is the ceo of the and a 80.
was believed by many and i will put myself in that camp that we would break above the 50 level for the month of january. what happened? we stayed at 47. >> it is the combination of remaining very tight constraints on consumer credit for housing and all so business people have to plan based on certainties' and the kabuki dance over the fiscal cliff and the looming reduction over the debt limitations are anything but certain for businesses to plan for. staying the same is a pretty positive outlook. dagen: one thing bandied about for the fiscal cliff discussions and could still come up depending on what happens in washington is the mortgage interest deduction and that was the big fear for the builders for your members and if you take that away even on some scaling scale, the tax code, that would hurt housing which seems to be recovering in a big way.
>> you are exactly right. all these debates over the government's role in housing finance debate on tax expenditures for housing cast a pall on the recovery that is ready to happen. we encourage policymakers to stop doing that and leave us alone and we can help the economy recover at a steady base. cheryl: i always look at the region. a couple of regions are above 50. read -- below 50 is poor for our viewers. the midwest at 50, the west 51. that is california, that is arizona. what is happening in the northeast that the northeast is dragging this index down? >> the northeast dragged the index down this month but if you look at a three month rolling average all regions are up which happened in the northeast as winter set in and some regional factors in terms of the job market and the economy in the northeast but overall it is important to focus on a three
month average which indicates a real friend and all regions are up over three months. cheryl: interest-rate in the 30 year fixed interest ranging credible right now. thank you very much. maybe next month we will see the big 15 no.. thanks. dennis: jpmorgan the banking giant cutting jamie dimon's compensation in half, that $6 billion loss in the london whales fiasco. cheryl: more and more seniors are racking up their credit cards. is that a major concern? we will talk about it coming the. as we go to break take a look at the winners on the s&p and as you can see a few names are making it. constellation brand is one of them and apple's story coming up. ♪
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dennis: time to make some money with charles payne. this hour he's looking at goldman sachs. trolls: it is an absolute phenomenal earnings report. the stock hit a 52-week high today. today rather. what is interesting is if you go through the numbers you wonder. will lightning strike again this year for them in that area? it probably won't but they could make it up on investment banking. the bottom line is we call these guys the smartest guys around for the longest time, they kind of lost that moniker. when it is all said and done and the dust begins to settle, we can be proven once again these are the smartest guys in the room. dennis: would you buy it today? charles: i would. the stock is still a long ways from the hive. technically it is making a
breakout, not a lot of technical resistance. from that point of view you will be okay with the stock. i don't think you sell it if it is in your 401(k). cheryl: the bond rally really help them with their numbers. i wonder what it will mean for these guys. a lot of the foreign banks already sent overseas especially in europe, but in a stateside that was a big revenue driver. charles: i see these articles pop up all the time how goldman has set up the prop trading in a different form. they're always one or two steps around the skies and they find ways around it, but you are absolutely right. they have some obvious obstacles in front of them but by the same token it is hard to bet against them long-term. dennis: average employee at goldman making $399,506. nice work. charles: net revenue is down dramatically.
cheryl: charles payne. thank you very much. as we mentioned, earning season in full swing right now. we heard from a slew of major banks. jpmorgan chase really the bank doing the headlines despite favorable earnings, banking giant cut his salary by over half. joining me now to discuss and review reports coming up tomorrow. let's start with jamie dimon in particular. the report came out from jpmorgan detailing what happen happened, why they lost $6.2 billion. are we moving on now from this story? >> 2012 closes the books on the london world trade. which lost jpmorgan over $6 million. four people were found primarily responsible which would be the ex-cfo, the head chief investment officer, the chief risk officer and of course mr. dimon who had his salary
slashed in half. cheryl: still the highest paid ceo on wall street. our analyst confident in his ability to lead the bank? are you concerned about his abilities for 2013? >> he is still one of the best ceos on the street. obviously his reputation suffered a major hit in 2012. maybe there are some better ceos out there, maybe the ceo of wells fargo, however he is the right man to lead the banks in the next several years. cheryl: we were talking about goldman sachs and their numbers, the bond really good for them in 2012. we look at morgan stanley, little bit of a different story with morgan stanley having to cut back and realize that businesses. iis morgan stanley going to fare as well as goldman sachs will? >> i cannot discuss morgan stanley, only jpmorgan.
cheryl: switch between investment banking and consumer banking is where the line has blurred, if you will between jpmorgan and morgan stanley. other banks when it comes to jpmorgan big in the mortgage business. chase mortgage is one of the powerhouses on the revenue side. if there's a hiccup in the house and recovery, is that a problem for jpmorgan? >> sure. 10% of the revenue comes from mortgage banking. less than wells fargo. we think the housing market will continue to improve, and it should drive the jpmorgan chase in 2013. cheryl: we will see where this goes. good to have you here. dennis: we will have the latest on the dreamliners. and japan's two biggest air carriers have grounded their fleet. cheryl: chipotle says they're ready to cater your next event. coming up.
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part of a broad settlement deal paving the way for more than 220,000 borrowers who were foreclosed on tw 2009 and 2010 receiving compensation. the agreements in which one reached from 10 other banks. the fed, the currency on january 7. and stocks mixed in afternoon trading. the dow down 29 points. a bad bleak world forecast. that is the latest from the fox business network giving you the power to part prosper.
a warning light came on and then there was smoke detected in the cockpit. we're also told passengers could smell it in the cabin prompting an emergency landing which went smoothly. there were no injuries but appears to be yet another electrical problem perhaps with him i on battery that's it just below and behind the cockpit. this was the first airline to buy the 787. afterwards the chairman apologized to customers and grounded all 17 of the the dreamliners from flight. but now one company has sent airlines back up. japan and grounding their planes. united airlines has done a safety check on all of its dreamliners and they're still in service. several are in the air right now. this follows a battery fire at boston logan airport last week. that was a better use for silly power prompted the faa to announce a comprehensive review
of the dreamliners entire electrical system from design all the way to assembly. the big problem for boeing is what it is doing to the reputation of the first all-new plane in 20 years and how long it will take to get it right. it will not turn a profit for five to eight years, but for perspective it is important to note that has not been a crash and no fatalities. 2012 was the safest year in aviation history worldwide. there has not been flying to the u.s. in four years. while there is concern among these issues, there is no panic. american airlines just bought 42 dreamliners this weekend plans to buy up to 75. back to you guys. dennis: thank you, dan springer. a quarter until. nicole is live at the new york stock exchange with a look at apple. nicole: i want to take a look at apple and a lot of things. apple has been a key factor today moving back above the 500 mark.
i also want to take a look at facebook and yelp as well. we got our news yesterday that we have been waiting on for about one week with all that anticipation and we saw facebook selloff on the news today down one and a quarter percent on their new graph search allowing users to sort through everything from people and places and similar lakes, local restaurants and that weighs on a name like p. 11. take a look at what yelp is doing at this moment. when we look at a one-year chart, down four and .5% right now, it is down over 11% in just these three trading days. it does not hold well for a company like yelp. that is the latest. back to you. cheryl: we will see you at the top of the hour. our next guest says after months of waiting and writing up a
storm in washington, they're putting the cash they had on the sidelines to work. joining me now. you are now bullish, and i have to say you put your money to work. shares of apple. this is a long-running joke for some viewers who have known you and the discussions i've given you such a hard time about missing the boat on apple. >> right around the 500 level. average price of 503, which is where it is today. you're right to point out as everybody in this business should know you are going to make mistakes, missing the opportunity to buy apple a few years ago slightly over 300 was a mistake. the mistake was basically thinking it was a growth stock when really it is a value stock neveafter coming down from 700 o 500 maoist trad500 now a straigs earnings, a price earnings to growth ratio of about .7.
these are deep value numbers. i don't think this is going the way rim went. i think this is a gift and i'm willing to admit the mistake of a few years ago and god bless the market. cheryl: i want to ask about a few more things. the overall economy is now in focus. you and many other investors were bearish for most of 2012, now you're looking at consumer names like staples. where did staples come from in your mind? >> the data really supports, in my opinion, getting bullish now. i was bullish for most of 2012. i have been bullish for most of the time, but definitely second half of 2012 until the economic data, whether it was housing, whether it was consumption and even the labor market.
i am not saying things are going gangbusters, but it is okay and makes us think what would happen if we didn't have to worry about all the drama in washington, d.c.? after marching something will be resolved one way or another, and we will be out of drama for a little while. i want to see how the economy picks up then. you asked about staples. cheryl: down 17%. and you are buying it? >> yes. it has been beaten down for number of valid reasons. a labor market that was punkish for a while. the lows in europe. this is 3.7% dividend yield, buying back shares, we like it. cheryl: thank you very much. more apple jokes a joke at your, i promise. dennis: small business, big ideas. given the power to people. the maker of fat tire ale announced it will be completely owned by 456 employees.
the company cofounder and family no longer will have a controlling interest. new belgium is the third largest craft beer brewer in the nation. building a second plant to begin producing beer by 2015. cheryl: time for your "west coast minute." southern california home prices are jumping up almost 20% in december from december 2011. the average home selling for $323,000 according to the dataquick. but the risk of selling pace and price jump cannot continue. one ucla economist says it pushed many to sell before the end of year deadline. the first positive year for california home prices since 2011. colorado-based chipotle mexican grill is testing a catering service in the denver area already selling mixed and matched burritos in the box would wanbutwant to try on a bi. customers who order the service
for super bowl sunday for a group of 20 or more will receive a gift of two free entrées. and it was a terrifying ordeal for portland, oregon, woman this morning. firefighters responded to a 3:30 a.m. call from a woman stuck between a building and a 20-foot wall. firefighters used an airbag to spread the wall so they could get her out. her husband was right there. quite the video coming out of portland, oregon, this morning. and that is your "west coast minute." dennis: still no word on how she got there. arnold schwarzenegger back at the box office for the first time in nine years. we will take a look at the moneymaking potential of "the last stand." cheryl: more and more seniors are racking up their credit card debt. we will pla would play about isg up. dennis: a look at some of today's winners over on the nasdaq. what are you doing?
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dennis: arnold schwarzenegger said 2010 years ago in "the terminator," "i'll be back." and "the last stand" his first starring role in nine years. almost ready for medicare and social security benefits. the lions gate teamed him with a young sidekick, johnny knoxvil knoxville. comcast universal looking at a sequel to "twins." and the oxygen network has terminated plans for all my babies mamas, reality show about
a rapper who has fathered 11 children with 10 different navy mothers. -- baby mothers. they said it reinforces stereotypes about black men. the nra is out with a new ad bashing president obama as just another elitist hypocrite. over pictures of him, senator feinstein, mayor bloomberg, vice president biden and nbc anchor david gregory for brandishing an illegal gun clip on tv. cheryl: if you thought that credit card debt was for young adults, think again. in 2012 older americans relied on credit cards as their financial safety net and paid downloads of their debt than younger consumers. surprisingly half of the older generation were called by debt collectors and are seeking help from credit counseling services. i am sure a big part of that is the financial crisis of 2008.
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